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L Jill Martin

Realtor of Equal Housing Opportunities
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About Financing

Even though a buyer is theoretically supposed to arrange his own financing in purchasing a home, as a matter of practice, the financing normally is arranged by the selling broker. Often times the seller does not have time to leave his job to help the buyer arrange his financing. Also, usually neither the buyer nor the seller really know where to look. Since the selling broker is placing a great many loans through many different lending institutions, he knows where the best monies are and can usually get a quicker and more favorable type of loan. This loss of time costs money and also the less favorable terms often cause a loss of the purchaser due to inability to obtain a loan on more desirable conditions. An owner can in no way have the expert knowledge and leverage power in the current home loan market. Due to inability to get financing, the buyer is not only lost but also much valuable time and often expense with the necessity of starting all over again.

The owner, unless a former real estate licensee, has had neither experience nor training in qualifying buyers from all aspects, such as financial ability, emotional stability, needs, wants and desires. This is a highly technical act and requires experience in certain questions, probing, communicating, interpreting, and listening to the feedback of the buyers. Often a qualified broker can turn an otherwise unqualified buyer into a qualified one by delicately asking questions, re-scheduling assets and debts, and formulating letters of credit and explanations. This requires a high degree of expertise in searching out the three C‚s; namely, character, credit and capacity to pay.

Potential buyers are often reluctant to bring out and discuss objections with an owner because of fear or reluctance to hurt someone's feelings and the personal element involved. They often do not or will not put the owner in a position of defending his home. Thus, an owner can't help his position because he does not know that the buyers have unrevealed objections. The real estate representative is in an impersonal position and the potential buyer is able to discuss objections with him.